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Tech layoffs surge past 100K, but what's the real game-changer? 📉 Amidst a wave of over 100,000 tech layoffs this year, AI has emerged as a pivotal force reshaping the industry. Intuit, famous for TurboTax and QuickBooks, recently let go of 1,800 employees. Yet, they're not substituting humans with AI bots. Instead, they're recruiting equal numbers of AI experts! This trend isn't isolated. UiPath and OpenText are also cutting jobs while hiring new roles focused on AI. It's a complex narrative—the displacement vs. creation of jobs around AI. 🤔 Despite the setbacks, there's a silver lining. AI carries the potential to drastically enhance workplace productivity and transform job roles, as noted by Cisco's Javed Khan. The tech isn't just a disruptor; it's a catalyst for innovation and efficiency. How do you see AI affecting your workplace? Share your thoughts below! 💬 Link to Article https://lnkd.in/eTrqTzXR #TechLayoffs #AI #ArtificialIntelligence #WorkplaceTransformation #TechJobs #Innovation #FutureOfWork #Cisco #Intuit #UiPath #OpenText #Citi #JobMarket #Productivity #Collaboration #TechIndustry

How will AI impact jobs? In the article "AI plays role as tech layoffs surpass 100,000 in 2024", Seeking Alpha provides a brief on the current state. The rise of artificial intelligence (AI) is a key factor in recent tech industry layoffs, with job cuts exceeding 100,000 so far this year. Intuit, the company behind Credit Karma, QuickBooks, and TurboTax, is laying off 1,800 employees to focus on AI-driven processes. However, Intuit plans to hire the same number of new employees with AI expertise for roles in product, engineering, and customer-facing positions. According to the 2024 Economic Report of the President, up to 20% of the U.S. workforce is at high risk of AI-related job displacement. Other tech companies also announced layoffs recently: UiPath is cutting 420 positions (10% of its workforce) to focus more on generative AI. Word of advice: Even though not about tech industry, the impact will be similar on ours. It's moving a lot faster than you can imagine. Start playing with it and adopting it. https://lnkd.in/eaQjp6iH

Seeking Alpha AI plays role as tech layoffs surpass 100,000 in 2024 The tech industry has witnessed a surge in job layoffs attributed to the rise of artificial intelligence (AI), with over 100,000 job cuts recorded so far this year. Companies like Intuit, UiPath, and OpenText have made significant layoffs to shift towards AI-centric processes and recruit new employees with AI skills

AI plays role as tech layoffs surpass 100,000 in 2024 https://ift.tt/npsK3Ca wildpixel/iStock via Getty Images The rise of artificial intelligence has become a recurring theme behind recent layoffs in the tech industry. Job cuts in the sector have exceeded 100,000 so far this year, to 106,630 as of July 12, according to the tracker. Layoffs.fyi. more Recently Mass layoffs In the technology industry, Intuit participates in (NASDAQ:INTU), the parent company behind Credit Karma, QuickBooks, and TurboTax. The company has been revealed to be planning to lay off 1,800 employees as it focuses on AI and redesigning its products from traditional workflows to AI-native processes. However, Intuit isn’t replacing these workers with AI robots, it’s replacing them with employees who have a better understanding of working with AI. Intuit expects to hire about 1,800 new employees with core skills in product, engineering, and customer-facing areas such as customer success, marketing, and sales. According to the President’s Economic Report 2024Up to 20% of the US workforce is at high risk of job losses due to AI. Intuit wasn’t the only tech company to announce a massive layoff last week. On July 8, UiPath (New York Stock Exchange: BathApple’s board of directors has approved a plan to reduce its global workforce by about 10%, or 420 jobs. UiPath is also transforming its business to focus more on generative AI. On July 3, OpenText (NASDAQ:OTEX) revealed its plan to cut about 1,200 jobs. Again, OpenText is currently restructuring its business to focus more on AI. The company eventually plans to hire about 800 new jobs in sales, professional services, and engineering. These latest layoffs come on the heels of major job cuts last month by ByteDance (BDNCE), Microsoft (MSFT), Apple (AAPL), and Meta (META). More about Intuit, Open Text, etc. The post AI plays role as tech layoffs surpass 100,000 in 2024 first appeared on Investorempires.com. via Investorempires.com https://ift.tt/IJ05AbN July 14, 2024 at 09:08AM

AI's Rise Helps Fuel Uptick in Tech Layoffs Recent tech sector job cuts have surpassed 100,000, partly due to AI advancements. Companies like Intuit, UiPath, and OpenText are replacing laid-off employees with AI experts. While AI promises efficiency, concerns arise over job displacement and potential compliance, security, and ethical issues. Despite this, AI's transformative potential in the workplace continues to grow.

Is now a good time to go into data science? Seeing all the layoffs that are reverberating throughout the tech world, getting into a tech-oriented job like data science can seem like a bad idea. Companies such as Otka and Docusign have announced staff reductions of up to 7%, while even the magnificent seven have made cuts in the past month. Securing a data science position in this climate might seem challenging. But there is some good news. There is a notable trend emerging – traditional companies are increasingly embracing data science and tech-driven roles. Step into a hardware store, and you'll find dozens of products, from rat traps to barbecues, that are now equipped with apps and data collection capabilities. Loyalty cards are becoming ubiquitous, as companies strive to glean insights from customer analytics. While these opportunities may lack the glamour of big tech, they signify a growing demand for data science expertise beyond the tech sphere. Considering the evolving landscape, those eyeing a career in data science may find opportunities beyond the traditional tech industry. It's a dynamic field with potential for impact across diverse sectors #DataScience #TechTrends #CareerOpportunities

Intriguing. Given the continued waves of layoffs - Salesforce, Microsoft, REI, Google - and the rare exceptions - SAP, Apple - this news from Deloitte could be a welcome bright spot in the ongoing (and, for many, anxious) conversation about AI and the workforce. #AIApplications #AIAndBusiness #AIAndTheWorkforce #WorkforceManagement #Layoffs

If you still think your job is safe with AI Think again. Intuit’s decision to lay off 1,800 employees for an AI reorganization plan isn’t just restructuring. It’s replacing human talent. It’s creating uncertainty. AI not only enhances work, it replaces workers. How do you view AI-driven layoffs?

As layoffs deepen, AI’s role in the cuts is murky – but it definitely has one A caller benignant of Industrial Revolution could already beryllium good underway Layoffs play is extending into a sustained state, defying much emblematic formations of cyclical roar and bust periods successful tech. Meanwhile, AI continues to beryllium ascendant – oregon astatine slightest the existent mentation of neural networks trained connected ample information sets that drives developments similar OpenAI’s ChatGPT and Anthropic’s Claude. One taxable keeps coming up successful conversations I’m having with technologists, executives, manufacture person and frontline workers connected each sides of some trends: Specifically, however overmuch the AI roar is complicit successful the large and continued culling. Everyone seems to hold that the advent and uptake of AI is playing immoderate portion successful astatine slightest the scope of the layoffs, if not successful the timing, which much apt is attributable to wide economical uncertainty. Companies are surely crowing astir the benefits successful ratio caller AI products tin and are bringing to businesses, but fewer really notation them successful the circumstantial discourse of layoffs – though quality astir AI replacing astatine slightest immoderate of those losing their jobs is making its mode retired contempt efforts to support that nether wraps. Salesforce is laying disconnected astir 700 radical successful its astir caller tranche of occupation cuts, which adds to the radical it announced it was cutting past year. SAP, too, announced a monolithic restructuring but stressed that it anticipates headcount volition beryllium the aforesaid by extremity of year. That’s a batch of massaging of the message, but the existent communicative is that these monolithic companies would typically turn year-over-year, truthful adjacent level hiring with restructuring, immoderate buy-outs and backfill hires is simply a measurement backmost from business-as-usual. Both these companies, and galore of the different monolithic tech firms presently suffering done layoffs person besides signalled and/or announced sizeable investments successful AI to assistance augment oregon regenerate enactment presently being done by people. Typically these announcements are accompanied by assurances that automating definite tasks volition pb to existent quality resources being deployed successful roles and for jobs that are overmuch much fulfilling, originative and meaningful. Long-term, that whitethorn beryllium the case, but close present it’s each ‘regrettable’ downsizing alongside massive, budget-busting walk connected AI products and innovation, with nary metallic lining successful show astir erstwhile those make full caller roles and opportunities for those worke...

Is Intuit cutting jobs to boost AI efforts, leaving employees anxious about future job security?   #IntuitLayoff #AIambitions 🤔 What are your thoughts on Intuit's decision to lay off 1,800 workers in order to accelerate its AI ambitions? 🔍 It's always tough to see people lose their jobs, but in a rapidly evolving tech landscape, companies need to adapt to stay competitive. Here are some possible solutions to help those affected by the layoffs: - 👩💼 Offer retraining programs to help emplo... Source: https://lnkd.in/gx8PyrGg #mymetric360